TerrAscend Acquires Ilera In Deal Valued Upwards Of $125M
Canada-based TerrAscend Corp (OTC:TRSSF) (CSE:TER), the first licensed for sales in Canada, the U.S. and the E.U., announced this week it's acquiring Ilera Healthcare, one of the five vertically-integrated cannabis cultivators, processors and dispensary operators in Pennsylvania.
Subject to regulatory approval, the company will buy Ilera for total consideration of $125 million to $225 million, which will be paid in a combination of cash and TerrAscend shares.
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“We have aligned with a company who has roots in health sciences. Their commitment to innovation, quality, and patient care make them the ideal partner for us as we continue to grow our business. We look forward to joining this team which has become one of the leading companies in medical cannabis,” Greg Rochlin, CEO of Ilera, told Benzinga.
“Greg Rochlin and his team have built a substantial business that delivers high quality, safe, efficacious medicine for patients through scientific innovation, operational integrity, and best-in-class patient education and service. We are excited to have them join our expanding footprint in the U.S. markets," said Matthew Johnson, President of TerrAscend Corp. “Ilera brings a robust operating experience and scientific knowledge that will be invaluable to our company. We look forward to working together as we bring their brands and formulations to patients in our other operating jurisdictions. We are thrilled to have found a team that aligns with our values and vision.”
Ilera’s Waterfall, PA, facility; its dispensary in Plymouth Meeting, PA; and its two additional dispensaries with potential locations slated for Region 1 in Pennsylvania (Lancaster, Philadelphia, Chester, Bucks, Berks, Delaware and Schuylkill counties) will roll into the acquisition.
Ilera’s senior operating team, including CEO Greg Rochlin, Director of Cultivation Andrew Sack, and Chief Scientific Officer Oludare Odumosu, will continue to hold management positions and will work on product development and formulation within the broader TerrAscend organization.
All Ilera employees at the Waterfall and Plymouth Meeting, PA will join TerrAscendUS operations as well.
Photo courtesy of Ilera.
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